A client is sitting with her advisor as they discuss her retirement plan. The advisor has spent several hours putting the report together and is hoping to convince the client to move forward with the recommendations. But as the advisor is walking through the plan, the client says, “I like this but I’m worried my savings aren’t going to be enough, is there anything else we can do?” At this point the advisor is stuck because he knows he needs to rerun the numbers but he doesn’t want to lose the momentum of the conversation and schedule another meeting.
This is where JourneyGuide comes in.
As we’ve seen in our earlier segments, JourneyGuide is a new retirement planning software that is exceptionally robust in its calculations yet is fast and simple to use. JourneyGuide enables the advisor to make on-demand updates to the retirement plan right in front of the client.
In the situation above the advisor would have engaged in an awkward conversation about not knowing the ramifications of making a change to the plan. But instead, using JourneyGuide, the advisor illustrates instantly a solution for the client of reallocating a small portion of assets into a guaranteed income stream. JourneyGuide pulls in current prices for immediate and deferred income annuities and then includes all the necessary calculations of what a reallocation would look like. So the client can see how that new income stream would impact spending today along with graphically seeing the cash flow throughout retirement. And all this happens in real-time.
Armed with the knowledge of this updated plan, the client is ready to take action today.
To experience JourneyGuide for yourself, visit www.journeyguideplanning.com to request a demo or start your free trial.
Michael L. Smith is a co–contributor to this press release.